Mortgages. The FSA to crack down on exit fees.

In recent years we ( mortgages ) have seen rises of up to 450% in the

Best mortgage deal UK, put your best foot forward!: You'll have to shop around to get the best mortgage deal. This article advocates Ask, Ask, Ask and don't be shy!
How to Tell if a Variable Rate Mortgage is for You: The choice between variable and fixed rate mortgages is important. Yet the decision is difficult since it depends on the future direction of interest rates.
Rate Tarts No Longer Welcomed By Mortgage And Credit Card Providers: Mortgage lenders are taking steps to reduce the number of people switching their mortgages. This article looks at the situation.
ReMortgaging is it still worthwhile: Rate Tart is the name coined by the mortgage industry for borrowers who switch mortgage lenders chasing lower interest rates. Call them Rate Tarts if must, but they'll be the richer for it!
Mortgages. Big changes in the buying and selling of houses.: In mid summer 2007 everyone who wants to sell a property will have to prepare a Home Information Packs before they put it on the market. This article explains what the Packs will have to include what they'll cost - and whether we expect them to work!
Mortgages. Watch out for add-on charges.: Mortgage lenders use headline interest rates to attract borrowers. But behind the scenes they're introducing a whole raft of add on charges. This article explains.

fees charged by lenders when borrowers want to redeem their mortgage. But now the Financial Services ( car insurance cover ) Authority (FSA) is going to crackdown on these exit fees.

To date lenders have told you the exit fee they currently charge, but have then retained the right to increase that charge at any time and without advising you. This has given lenders a free hand to increase these charges and many have taken the opportunity with an ( home insurance quotes ) outstretched hand! Take the Cheltenham & Gloucester for example; they've increased their exit fee from what was £50 to £225. The Woolwich increased theirs from £95 to £275.

The FSA is now in talks with the mortgage lenders to bring them to heal. They want fees to be disclosed at the outset and for that disclosed price to be ( life insurance quotes ) fixed for the duration of the mortgage. The FSA hopes to have the binding undertaking from the lenders by June this ( insurance ) year.

Click here for page 2

Statutory Wealth Warning:
Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it.